Azerbaijan revokes licenses of three credit unions
The NBA said the licenses were revoked because the credit unions failed to submit reports within two reporting dates with no excuse and to conduct audit under the “Regulations on the Issuance of a Banking Service License to Credit Unionsâ€.
Elchin Baghirov, Chairman of Azerbaijan Credit Unions Association, said these unions will be removed from membership in January.
There are 75 credit unions in Azerbaijan.
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